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Circtec receives $160 million from investors for pyrolysis-based tire recycling plant to be built in the Netherlands.

United Kingdom-based Circtec, a company planning to deploy a pyrolysis-based tire recycling method, has received funding it says will help it construct a facility in Delfzijl, the Netherlands.

When completed, Circtec says the Dutch plant will be “Europe’s largest end-of-life tire pyrolysis recycling facility” with a capacity to convert approximately 5 percent of the 3.6 million tons of end-of-life tires generated each year in Europe, or about 180,000 tons.

The new financing round was led by Novo Holdings and A.P. Moller Holding, both based in Denmark. The total funding package of 150 million euros ($162 million) includes more than 22 million euros ($23.8 million) in grants awarded by the government of the Netherlands, says Circtec.

The company says its pyrolysis process produces “sustainable marine fuel; circular naphtha for responsibly-sourced plastics, polymers and chemicals; and high-quality recovered carbon black for use back into tires, rubber and plastics manufacturing.”

The company previously has announced offtake agreements with BP for its marine fuel and naphtha products and with India-based Birla Carbon for the recovered carbon black. “This means the entire output of the new plant being constructed at Delfzijl is fully sold,” states Circtec.

“The success of this new investment round gives us the partners that will enable us to take Circtec to the next level in realizing our goal of scaling sustainability,” says Allen Timpany, co-founder and CEO of Circtec.

Remarks Anders Spohr of Novo Holdings, “In addition to having a strong technology platform, the [Circtec] team shares Novo Holdings’ firm belief in circularity as a key component in advancing planetary health by enabling the green transition of society.”

Chetan Mehta, of A.P. Moller Holding, which owns global shipping line Maersk, remarks, “The overall green transition of our societies will require trillions of dollars to be invested in the coming years and decades. We believe Circtec satisfies both our purpose and return requirements, and we are excited to be investing in the business and partnering with the management team to build a world-class pyrolysis platform.”

“The funding raised enables Circtec to start realization of the new plant in Delfzijl, which will bring a solution that produces circular chemical products from tire waste,” says Hilde van der Meer, commissioner of the Netherlands Foreign Investment Agency. “I am happy that the Dutch government and Groningen province were able to support Circtec in bringing this new solution to fruition.”

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